REE Discovery Confirmed At Eyre Peninsula Kaolin Project

Diversified minerals company Power Minerals Limited (ASX: PNN) (Power or the Company) is pleased to announce the discovery of significant concentrations of Rare Earth Elements (REE) at the Dickson Well prospect (in EL6681) at its Eyre Peninsula Kaolin Project in South Australia (Figure 1).

• Drilling confirms new Rare Earth Element (REE¹) discovery at Dickson Well prospect on EL6681 at Eyre Peninsula Kaolin Project in South Australia (^1-4refer Glossary)
• Thick zones of elevated REE also intersected in multiple
• drillholes west of Cungena on EL6681 and on EL6689 in the south-west of the Eyre Peninsula
• Samples from 9 drillholes returned results >1,000ppm Rare Earth Oxide (REO²) concentration. Highlight results include;

EL6681 - Cungena

• 8m at 1,947ppm Total Rare Earth Oxide (TREO³) including 24.5% Heavy Rare Earth Oxide (HREO⁴) from 50m
  including 1m at 4,201ppm TREO including 21.3% HREO from 54m in drillhole PKD22-119 (Dickson Well)
• 5m at 1,681pppm TREO including 17.9% HREO from 57m
  including 1m at 3,001ppm TREO with 22.4% HREO from 61m in drillhole PKD22-120 (Dickson Well)
• 5m at 1,229ppm TREO including 13.3% HREO from 29m
  within a wider 20m zone with 842ppm TREO including 17% HREO from 26m in drillhole PKD22-084

EL6689 - Kapinnie

• 3m at 1,684ppm TREO including 13.9% HREO from 18m in drillhole PKD22-057
• Results are from 96 samples submitted for laboratory analysis and confirm presence of significant clay-hosted REE within the Project area
• Results strengthen Power’s specialty clay strategy to define high-value mineral products for advanced technology industries

The latest results, from 96 samples, are reported in this announcement and continue to confirm the presence of significant elevated clay-hosted REE concentrations across the Eyre Peninsula Project area.

Samples from nine drillholes returned results in excess of 1,000ppm REO concentration, and three distinct areas of significant REE intersections have been identified.

The highlight of the latest results was the discovery of the Dickson Well REE prospect at the Cungena Exploration Licence (EL6681) in the north-west of the Eyre Peninsula, which returned high-grade REE in both drillholes drilled at this target; PKD22-119 and PKD22-120 (Figure 1).

Thick zones of elevated REE concentrations were also intersected in multiple drillholes west of Cungena in EL6681, and also in the Kapinnie Exploration Licence (EL6689) in the south-west of the Eyre Peninsula (Figure 1).

Highlight results include; Cungena (EL6681)

• 8m at 1,947ppm TREO (or 0.2%) including 24.5% HREO from 50m including 1m at 4,201ppm (or
• 0.42%) TREO including 21.3% HREO from 54m in drillhole PKD22-119
• 5m at 1,681pppm TREO (or 0.17%) including 17.9% HREO from 57m including 1m at 3,001ppm (or 0.3%) TREO with 22.4% HREO from 61m in drillhole PKD22-120
• 5m at 1,229ppm TREO including 13.3% HREO from 29m, within a wider 20m zone with 842ppm TREO including 17% HREO from 26m in drillhole PKD22-084

Kapinnie (EL6689)

• 3m at 1,684ppm TREO including 13.9% HREO from 18m in drillhole PKD22-057

It is noted that these REE results were completed on raw, unscreened clay samples. It is likely that screening the material to fine fraction, similar to kaolin samples, may result in further increased REE concentrations. Further material is required before this can be tested.

“The results from two batches of sampling have now confirmed the existence of elevated clay- hosted REE concentrations at the Eyre Peninsula Project. This is an exciting, emerging development as it continues to validate and strengthen the Project’s REE potential as a component of Power’s specialty clay strategy, in conjunction with the kaolin and halloysite prospectivity, to assess the opportunity to develop and produce high-margin, value-added products to supply advanced technology applications.”

Power Minerals Executive Director, Mena Habib

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